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Collapsed Australian airline Regional Express (Rex) has been granted a lifeline after its creditors overwhelmingly voted to approve a takeover bid by the US aviation conglomerate, Air T.
The deal, which is expected to see the airline operating under new ownership before Christmas, crucially unlocks a $60 million loan from the federal government, securing the airline’s immediate future.
The approval marks the official end of Rex’s ill-fated and expensive attempt to compete directly with major carriers like Qantas, Jetstar, and Virgin Australia on high-traffic capital city routes.
The airline’s administrators confirmed that the entity responsible for those inter-city flights, Rex Airlines Pty Ltd, will be placed into liquidation. The restructured airline, under Air T’s control, will exclusively maintain its services to remote and regional Australia.
Federal Infrastructure and Transport Minister Catherine King confirmed the government’s support, stating the $60 million support package comes with specific commitments from Air T.
“In exchange for this support, Air T has agreed to a range of commitments aimed at preserving essential regional aviation connectivity and improving Rex’s governance arrangements,” Minister King said.
Administrators anticipate that Air T will take legal and operational control of the airline by mid-December.
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